A Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for allegedly operating investment-related businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa, who presided over the case, sentenced each of the companies to a fine of N30 million after finding them liable for operating as specialised financial institutions without the required regulatory approval.
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) after investigations allegedly linked them to unlicensed investment activities.
The affected companies are Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, Co Request Capital Nigeria Ltd, Mega Drop Quality Stores Ltd, Norland Global Ltd, Oxford International, Creative Agriculture Cooperative, Qnet Nigeria Ltd, Qnet Professional Skill Academy Ltd and Mastermind Energy & Agro Nigeria Ltd.
Others are Atus West Africa Investment Company, Eatrich360 Farms, Matag Agro General Services, Viables X Agribusiness Ltd, Kwakol Markets Ltd, Light Shade International Ltd, Value Growth Ltd, B12 Synergy Nigeria Ltd, Phresh Farm Ltd and Omega Pro Global Resources.
The companies were arraigned by the EFCC on September 15 and 16, 2026, on separate one-count charges bordering on the operation of specialised financial businesses without valid licences.
The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5)(a) of the same law.
In one of the charges, the EFCC accused Megadrop Quality Stores Limited of engaging in financial investment management without a valid SEC licence.
The charge stated that the company, “sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialised business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence from the Securities and Exchange Commission.”
A similar charge was filed against Ngwuoke Daniels Technologies, which the EFCC accused of advertising and operating a financial investment management business without a valid SEC licence.
The charge alleged that the company “did engage in specialised business of other financial institution without valid licence by the Securities and Exchange Commission”, contrary to Section 57(1) of the BOFIA 2020.
The representatives of the companies were absent when the charges were read in court. Following an application by the prosecution counsel, Nasir Umar, the court entered pleas of not guilty on their behalf and proceeded with the trial.
In presenting its case, the EFCC relied on witnesses and documentary evidence contained in the proof of evidence.
The prosecution also tendered intelligence reports, statements obtained from investigating officers, letters relating to investigation activities, as well as responses from the Corporate Affairs Commission and the Securities and Exchange Commission.
After considering the evidence presented by the prosecution, Justice Onoja-Alapa convicted the 21 companies and imposed a N30 million fine on each of them.
The court further ordered each company to pay an additional N200,000 for every day it was found to have continued committing the offence.
The EFCC said the prosecution followed actionable intelligence allegedly linking the companies to investment fraud and the operation of businesses without the necessary regulatory licences.
According to the Commission, its investigation also showed that promoters of the companies had been invited for questioning on December 22, 2022, and again on January 12, 2023, but allegedly failed to honour the invitations.
The EFCC said the promoters continued to evade interrogation for about five years, a development which eventually led to the prosecution of the companies.
